ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 261
price over the 5-year period. The market rate of interest for
similar notes is 12%.
Prepare Shlee Corporation’s January 1 journal entry. (Round
answers to 0 decimal places, e.g. 38,548. If no entry is required,
select "No Entry" for the account titles and enter 0 for the
amounts. Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
4)
The following items are found in the financial statements.
Indicate how each of these items should be classified in the
financial statements.
Classification
(a)
Discount on bonds payable